Convey Health Solutions Holdings Reported to Be Taken Private By TPG

Jun 21, 2022 By MarketDepth

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Convey Health Solutions Holdings, Inc. (NYSE: CNVY) announced Tuesday that it has entered into a definitive merger agreement pursuant to which TPG Capital, the private equity platform of global alternative asset management firm TPG (“TPG”) and Convey’s principal shareholder, will acquire all of the outstanding shares of Convey common stock not currently owned by TPG or certain management and director shareholders for $10.50 per share in cash, representing an enterprise value of approximately $1.1 billion.

Almost 100% Premium Over 30-Day Average

The purchase price represents a premium of approximately 99% over Convey’s 30-day volume weighted average price per share as of June 17, 2022, and a premium of approximately 143% to the closing price of Convey common stock on June 17, 2022, the last trading day prior to public disclosure of the transaction.

Assisting in Workflows and Product Development

Convey Health Solutions Holdings, Inc. provides technology enabled solutions and advisory services to assist its clients with workflows across product developments, sales, member experience, clinical management, core operations, and business intelligence and analytics.

“We believe this transaction provides substantial value, liquidity and certainty for our shareholders. Going forward, as a private company and with TPG’s support, we will have the ability to continue to make investments in the company and better serve our customers.”

Stephen Farrell, CEO of Convey

“Convey is a leading, integrated payor technology platform that enables efficiency and improves clinical and financial outcomes across the healthcare system. We look forward to continuing our partnership in its next chapter as a private company,” said Katherine Wood, Partner at TPG.